Temasek is backing Manipal Hospitals’ bid to acquire Naresh Trehan-promoted Medanta Hospitals with an additional cheque of close to Rs 2,100 crore (about $296 million at current exchange rate), two persons familiar with the development told The Times of India.

TPG-backed Manipal Hospitals, led by Ranjan Pai, is looking to acquire Medanta for Rs 5,800 crore after two years of negotiations.

Temasek is already a shareholder in both Medanta and Manipal, owning 18% stake in both companies.

In another development, two people in the know told Mint that Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) is now the only one left in the race for Highway Concessions One, a portfolio owned by fund manager Global Infrastructure Partners (GIP).

The deal may be completed at an enterprise value of up to Rs 3,000 crore ($422.6 million at current exchange rate), the report said.

Meanwhile, Standard Life is looking to sell up to 3.2% stake in the largest life insurer by market capitalisation, HDFC Life, with an upsize option of additional 0.7%, a banker close to the development told The Economic Times.

Standard Life is looking to sell the shares at a price of Rs 477.8 to Rs 493.4 on 14 August via an offer for sale, aiming to fetch up to Rs 2,468 crore or $347.7 million at current exchange rate (excluding the upsize option worth Rs 705.2 crore).

Standard Life Mauritius owns 23.02% stake in HDFC Life and has appointed Bank of America Merrill Lynch as the broker for the sale, the report said.